Autumn turns spotlight on China's 'emotion economy'

"When film, animation and tourism link up, their combined pull far exceeds any single sector," said Wei Pengju, dean of the cultural economy research institute at the Central University of Finance and Economics. "Quality IPs can monetize through games, theme parks and apparel modifications, delivering premium returns and fueling content innovation."

For businesses, the challenge is how to keep up. "Firms need to decipher emotional needs, innovate products, build brands and adjust strategies quickly," said Zhu Keli, founding director of the China Institute of New Economy.

The most successful players blend emotional resonance with fast execution.

Card maker Kayou, a pan-entertainment industry player whose best-known products are Ultraman collectibles, was quick to seize on the animated summer blockbuster "Nobody".

Nobody follows four underdog monsters — a pig, toad, weasel and ape — who masquerade as characters from Journey to the West in a quest for immortality before finding themselves protecting villagers from malevolent forces.

Within 53 days of release, the film grossed 1.63 billion yuan at the box office and earned an 8.5 rating on Douban. Based on the plot, Kayou designed plush toys, figures and blind-boxes. The results underscore the power of cross-media IP.

The movie has generated more than 200 categories and 800 stock keeping units; and plush dolls and figures lead sales. Derivative revenue reached 7 million yuan on the opening day, while 3 million yuan blind-boxes sold out almost instantly. By Sept 17, its derivatives products had sold more than 30 million yuan.

According to Maoyan Research Institute, summer 2025 derivative revenue climbed 120 percent year-on-year, with Nobody accounting for nearly a third. Analysts forecast the IP's full-chain value will be above 1 billion yuan.

Products span the pricing spectrum, from a 569 yuan ape plush to 10-30 yuan trinkets. More than 30 companies — including Luckin Coffee, M&G Stationery and Jetsen films — have joined crossovers covering toys, stationery, games, lifestyle goods, auto accessories, apps and themed exhibitions. Merchandise is distributed across Shanghai Film Group's 50 owned cinemas, 800 United Cinema theaters and multiplex chains.

The emotion economy is also reshaping how companies think about loyalty and growth. Analyst Zhu said the momentum shows no sign of slowing. As younger generations with stronger spending power lean into "self-pleasing" consumption, the market for goods that deliver emotional value — whether tea, toys or themed trinkets — is set to expand rapidly.

"The shift is structural," said Zhu. "Emotion is not just a marketing hook, it is becoming a primary axis of the local consumer economy."

wangzhuoqiong@chinadaily.com.cn